Do you own a leasehold property at the moment? Then you probably know that once your lease gets shorter, its price reduces. Granted, this doesn’t always mean there’ll be issues while the property is being occupied, but a short lease can be tricky when you’re ready to sell up. These days, buyers are hesitant when it comes to shorter leases, and many banks won’t lend if a lease is below 85 years.
Below, let’s look at what lease extension involves and why it’s a good idea to hire a professional:
What Does a Lease Extension Involve?
Once the leaseholder serves an official notice on the freeholder, the lease extension process commences. This notice must incorporate a proposed premium, so you should acquire a lease extension valuation in advance. A low proposed premium can negate the notice, while a high one could compromise your consultations.
When you’ve fulfilled your notice, the freeholder tends to serve a counter-notice that discards the proposed premium, demanding a greater amount of money. Then, the freeholder and leaseholder decide on a payment sum over the next couple of months - otherwise, a Tribunal takes on the case.
Why Hire a Surveyor for Lease Extension?
Since the legal processes around freeholder recompense are complex, they necessitate the help of a reputable surveyor for a lease extension with experience in leasehold law. At Kirkby Diamond, we have an expert team of lease extension pros on hand to help, so you can enjoy the property you’re leasing for longer and at a price that’s reasonable and sensible.
When you choose one of our specialist surveyors, they’ll be responsible for generating a valuation report specifying the cost of the lease extension, enabling you to make an educated choice on how to move forward.
Every case has many variables, which valuers often debate about, hence why hiring a trustworthy surveyor to handle the negotiating for you is critical. At Kirkby Diamond, we have expert know-how about valuation methods, regulations, the value of local properties, and case law, so you know you’ll get the best possible deal.
Our professional surveyors for lease extensions take care of hundreds of lease extensions across Beds and Bucks each year. Whether you’re an individual, investor or large property firm, we pride ourselves on delivering unfailing, honest advice and an exceptional standard of representation in every case.